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HomeMy WebLinkAbout0777 [ UHtra~w Oovan~Hrs, Horr~ower and I~?de~ cov~nant and stroe u fdlow:: 1. lyw~M ~t hiclNl a~i 6NereM. 8otrowe~ shall ManW~~ WY when due tbe principal of and intercst on the ;ndeMednea evideaoed by t6e Note. prepaymeot and late cha~e~ ac ~ovided in ~he Note. and the pcincipal ot and interat oa any Futw~e Advaaca ~ecurod b~? this Mortss~e. . 2. !'1~is ter 7~~s ~ LwrMee. Subjat to applical+k law •x to a writ~en waiver by Leode~, eoRO~ .r+~i wr ; to I.eader on the dsy monthly installments of principal aod intcrcct arc payaMe unde~ the Note. until the Note is paid in tull. a wm (berein "Funda'7 eqwl to one-twelfth of the yea~ly taz~~ ancl assessments which may atta~n prioriry ove~ this ~ Mo~a~e, and ~ou~d renb on ibe Property. if aey, plus ooe-twelfth. of yearly prcmium installments ta hazard insunnce. plus oae-twelfth of yearty premium iastallments tor mort~age insu~a~cc, it any. all u r+easonabty atimated initially and frotn time to time by Lender on tbe basis of asses~ments aad hills and rcasonabk atimsta ~hereof. The FWnds shall be held in an insti~wic+n the deposiu or accounts of ~rhich arc insurod or Suaraetoed by a Fede~al ot state asency (includina Leoder if Lende~ is such an institution). I.ender shall apply the Funds to pay said tazes. sssessme~?ts. ~ it~ttranco Qremiums and sroutd ronts. I_ender may nol charge to~ u+ holdina and applyio= the F~mds. aoalyzint said actount, f or verifyinj.aad comqlina aaid assessments and bitls, unless Lender pays Borrowe~ interest on the Funds and aPplicable !aw pecmits I.ender to make such a charge. Borrower ac~d l.ender may agree in writing at the time ot exceution of this Mo~ttase tbat interest on the Funds sliall be paid to Borrowe~. and unlas such aareemeot is made or applicabk law sa : roquira such i~terat to be paid. Lender shall not be rcquircd to pay Borrower any interat or earnings on the Funds. l.ender ; sba11 pve to Borrower. without charge, an annwl accounting o[ the Funds showina c~edits and debits to the Funds and tl~e ~ purpose for which each debit to tbe Funds was made. The Funds aoe pledged u additional security for the sums securcd b7? th~ Mo~tPSe• ' If the amount of the Funds beld by L.ender, together with the future mo~thly installments of Funds payabk prior to t6e due dates of tues. asseasmeots. i~nuranQe premiums and ground rents, shall exceed the amount required to pay said taues, n as~atments~ insunnoe premiwra and ground rents u they fall due, such excess shall be. at Bonower s option, either proaoptly repaid to Borrnwer or creditcd to Borrower o~ monthly installments of Funds. If the amount o! the Funds . hdd by Leoder shall not be wRicieat to pay taxes. aasessments, iraurance pcemiums and ground rents u ~hey fall due. _ . Borro~re~ sball pay to I.eader any amount nxessary to make up the deficiency within 30 days from the date notice is mailed ~ by I,eader W Borrower requasting payment thereof. Upoa payment ia fuU of dl swns ~ecured by this Mortgage, Lender shall promptly nfund to Borrower any Funds I~eld by Lender. If under puaaraph 18 heroof the Propeny i~ sold or the Propeny u othenwrise acquircd tiy Lender, I.ender ~LaU apply, no later than immediately prior to the sak of the Property or its acquisition by Lender. any Fur~ds held bv ~ I,eoder at the time of application as a credit against the sums secured by this Mortgage. ` 3.~ A~Bcatlo~ of la~tr. Unless applicable law provida othenvise, all payments roceived by Lender under the ~ Note aad paiagraphs 1 and 2 hereof shall be applied by I.ender 6rst in payment of amounts payable to Lender by Borrower ; under paragraph 2 hereof. thea~to interest payabk on the Note, then to the principal of the NWe, and ihen to interest and ~ , principal on any Future Advanoes. 4. t,'WRes; Liees. Borrower shall pay all taxes, assessments and other charges, fines and impositions attributable to ~ t6e Propetty which may attain a priority over this Mortgage, and leasehold payments or ground rents. if any. in the manoer pmvided under paragraph 2 hereof or, if not paid in such manner, by Borrower making payme~t, when due. direcdy fo the payee thereof. Borrower sha11 promptly fumish to Lender all noticcs of amounts due under this paragraph. and in the event Borrower shall make payment directly, Borrower shall promptly furnish to l.ender receipts evidencing such payments. Borrower shall prompUy discbarge any lien which has priority over this Mortgage: providtd, that Borrower shall not be required to discharge any such lieo so long as Borrower shall agree in writing to the payment of the obligatiun securcd by suc6 lien in a manner acceptabk 1o Lender, or shall in good faith contes~ such lien by, or defend enforcement of such lien in. € legal proceedings which operate to prevent ihe enforcement of the lien or forfeiwre of the Property or any part thereof. ~ S: Huard Inwnu~ce. Boaower shall keep the improvements nov?• existing or hereafter erected on the Property insured against loss by firc, hazards included within the term "eatendeJ coverage", and such other hazards as l.ender may require and in such amounts and for such periods as Lender may require; provided, that Lender shall not require that the amount of such coverage exceed that amount of coverage required to pay the sums seaired ~by this Mortaage. The insurance carrier providing the insurance shall be chosen by Borrower subject to approval by Lender, provided. ~ that wch approval shall not be unrcaconably withheld. All premiums on insurance policies shall be paid in the manner k providod under paragraph 2 hereof or, if not paid in such manner, by Borrower making payment, when due, directiy to the 3 ~ I i~urance carrier. - > ' All insurance policies and renewals thereof shall be in form acceptable to [.ender and shall include a.standard mortgage ; j clause in favor of and in form acceptable to Lender. Lender shall have the right to hold the policia and renewals thercof, s ~ and Borrower shall promptly furnish to Lender all renewal notices and all receipts of paid premiums. in the event of loss, Borrower shall give prompt notice to the insurance carrier and Lender. Lender may make proof of loss if not made promptly i • by Borrower_ ~ ~ Unless Lender and Borrower otherwise agree in writing, insurance procceds shall be applied to restoration or_ repair of ~ the Propeny damaged, proviekd such restoranon or repair is economically feasible and the security of tMs Mortgage is not Ihereby impaired. If such restoration or repair is not economically (easible or if the security of this Mortgage would ~ be impaired~ the insurance procceds shall be applied to the sums secured by this Mortgage, with the excess, if any, paid to Borrower. If the Property is abandoned by Borrower, or it Borrower fails to respond to Lender within 30 days from the ~ date aotice is mailed by L.ender to Borrower that the insurance carrier ofiers to setde a claim for insurance benefits, Lender ' is aut6orized to collect and apply the insurance proceeds at Lender's option either to restoration or repa~r of the Propeny or to the sums secured by this Mortgage: - Untas Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shall not extend or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of wc6 installmeuts. If under paragraph 18 hereof the Pro f.erty is acquired by l.ender, all right, title and interest of Borrower ' in and to any tnsurance policies and in and to the proceeds thereof resulung from damage to the Property prior to thc sale - or acquisition shall pau to Lender to the extent of the sums secured by this Mortgage immediately priot to such sale or. acquisition. 6. Yreservation and :?taiotenance of Property; Leasehulds; Condominiums; Planned Unit Devebpmeats. Borrower shall keep the Property in good repair and shall not comrpit yvaste or permit impairment or deterioration of the Property ; and shall comply with the provisions of any leate if this Mortgage is on a leasehold. If this Mortgage is on a unit in a # - condominium or a planned unit developmem, Borrower shall perform all of Borrower's obligations under the declaration - ~ ~ or coveoants creaung or governing the condommium or planned unit develapment, the by-laws and regulations of the ~ ~ condominium or planned unit development. :~nd constituent documen~s. I( a condominium or planned unit cievelopment ~ rider is executed by Borrower and recorded together with thic Mortgage, the covenants and agreements of such rider ~ shall be incor rated into and shall amend anJ supplement the covenants and agreements of this Mortgage as if the rider ~ Po ~ were a part hereof. ; ~ Protection of Leoder's Security. lf Borrouer failc to perform the covenants anJ agreements contained in this ~ Mortgage, or if any action or proceeding is c~~mmeneed which materially afTects I.ender's interest in the Property, including, but not lim~ted to, eminent domain. inc~lvency. code enforcement, or arrangements or proceedings. involving a bankrupt or decedent, then l.ender at I.ender's op~ion, upon notice to Borrower, ma} make such appearances, disburse such ~ sums and take such action as is necessary tu protect Lender s ~nterest, including. but not limrted to, disbursement of ~ reasonablc attomey's tces and entry up~~n thc Propcny to make rcpain. If Lcnder reyuired mortgage insurance as a 1 cond~tion of malcing the loan secureJ by this Mongage. Borruwer shall pay the premiwns requireJ to maintain such insurance in rtiect until such time as ~he reyuirement for wch msurance terminates m aecordanee wi~h Borrower s and , . ~ ~ , R~RK302 ~~r..E 777 ~r~-:~ ~C 4.Gt ',a'Y ' i ' ~ ~'LS` ^ ~ s3_/ac-~ 1~~:°~ . , ~4~~.~'...C~a.'~~.. .